Advance Payment Terms - (Cash-in -Advance)

1. If made out of a Sri Lanka Rupee Account -

Where the amount of the advance payment required to be made on the total value of goods to be imported, does not exceed a sum of USD 50,000/- or its equivalent in any other convertible foreign currency, shall be allowed.

Where the amount of the advance payment required to be made on the total value of the goods so imported, exceeds the sum of USD 50,000/- or its equivalent in any other convertible foreign currency , then the advance payment shall be effected only on

the submission of a bank guarantee or a standby Letter of Credit for the value of the amount of the Advance Payment, acceptable to the Bank effecting such Advance Payment ; or

The submission of the Value Added tax (VAT) Registration Number , the Tax Identification Number (TIN) and any other documents which Controller of Imports may required having regard to the particular transaction to the Controller of Imports and Exports for his approval given after considering the merits of the respective transaction; or

2. If made out of a Foreign Currency Account, then the limits specified in paragraph (1) (a) and (b) above shall not be applicable there to.

Documents Needed

Important

Proforma invoice must be in the name of the Enterprise.

Importer must submit evidence of the imported goods (ie. a copy of the Commercial Invoice and a copy of the Customs Declaration both duly stamped by Customs) within 180 days from the date of the remittance of the Advance Payment.

Open Account Terms

Open account occurs when an exporter ships the goods and all the necessary shipping and commercial documents is directly sent to the Importer who agrees to pay seller’s invoice at a future date.

Documents Needed

Commercial Invoice

Custom declaration form duly signed by the custom officer stating that goods released on open account basis.

Important

Sender must be an account holder of People’s Bank.

A “Student File” will be opened and a "File Number" will be allocated to each student after submitting all the required documents and funds will be transferred easily throughout his/her course duration.

Transferable funds will be limited to the expenses mentioned in the Offer Letter.

A copy of the letters issued by the Universities consisting the updated expenses must be submitted to the Bank.

All payments relevant to the course and the living expenses of the student should be remitted from the same Bank / Branch in his/her course duration.

(1) A Sri Lanka national who has been a resident of Sri Lanka and has obtained Permanent Residency (PR) or citizenship in another country, including a dual citizen (hereinafter referred to as an emigrant) is eligible for the migration allowance, which includes proceeds realized from the sale of movable and immovable property, tangible and intangible assets owned by the emigrant and gifts received by the emigrant from the spouse and parents. Assets may include the value of precious stones, precious metals, personal jewellery and other assets held in Sri Lanka including estates inherited as beneficiaries.

(2) Following limits shall be applicable for the transactions specified in paragraph (1) of heading B above-

an initial migration allowance of USD 200,000 per individual aged 18 years and above, subject to directions issued by the Central Bank of Sri Lanka.

an annual migration allowance of USD 30,000. The first such annual allowance is transferable after lapse of 12 months from the full utilization of the initial allowance of USD 200,000. With the exception of the first allowance, subsequent allowances shall be transferable per calendar year and can be transferred in accumulation, subject to directions issued by the Central Bank of Sri Lanka.

an annual allowance of USD 30,000 in respect of foreign nationals as proceeds from sale of inherited property and assets in Sri Lanka subject to the directions issued by the Central Bank of Sri Lanka.

(3) The migration allowance should be remitted out through a Capital Transaction Rupee Account (CTRA) opened with a licensed commercial bank as an authorized dealer or a licensed specialized bank as authorized under paragraph (2) of regulation 2.

(4) Eligible migration allowance as approved by the licensed commercial bank as an authorized dealer or a licensed specialized bank as authorized under paragraph (2) of regulation 2 can be transferred from Capital Transaction Rupee Account to applicant’s Personal Foreign Currency Account and/or Inward Investment Account in Sri Lanka or transferred to an account of the emigrant maintained outside Sri Lanka.

(5) Current income (including interest, dividends, pensions, rent, lease rentals and profits) and superannuation benefits (Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and any other approved pension or retirement fund) shall be credited to the Capital Transaction Rupee Account and can be transferred in addition to the migration allowance to Personal Foreign Currency Accounts and/or Inward Investment Account in Sri Lanka or to an account maintained by the emigrant outside Sri Lanka.

Emigrants and/or foreigners of Sri Lankan origin shall obtain prior approval of the Central Bank of Sri Lanka to open and maintain foreign exchange accounts in any designated foreign currency for the purpose of crediting proceeds/income of inherited assets derived in foreign currency, if any, for such person.

Sending Money to Sri Lanka from Abroad /Inward remittances

We are the pioneers in the service of sending your hard earned money to the loved ones in Sri Lanka. People’s Bank is a state Bank and you can have the utmost trust and security of the money you send.

Being the Sri Lankan Bank having the largest Branch Network in Sri Lanka, we extend you an efficient service by crediting or paying the beneficiaries at any part of the country within a short period of time after receipt.

Our Inward Remittance Department is the Center of receiving money sent to People’s Bank by worldwide Banks and Exchange Companies and your inquiries related to remittances will promptly be attended by our energetic and enthusiastic staff members.

You can choose the following remittance systems to send money to Sri Lanka.

People's Remittance

‘People’s eRemittance’ is a web-based product of People’s Bank supported by the latest technology to facilitate sending remittances to Sri Lanka within minutes. The aim is to offer new technology and system automations to ensure a speedy and smooth customer service.

People’s eRemittance enables remitters abroad to send money through Correspondent Agents of People’s Bank. Presently, this service is available through the following Correspondent Agents of People’s Bank.

List of People's eRemittance Agents

People’s eRemittance promotes the use of the internet as a medium of inexpensive, hassle-free data transfer over a secured website. With the user-friendly front-end system coupled with state-of-the-art technology, it reduces remittance receiving/processing time, thereby increasing the efficiency significantly.

Inquiries on Remittances sent

Western Union

You can send money to Sri Lanka through Western Union for your loved ones from almost anywhere in the world.

Being a principal agent of Western Union, our aim is to serve your urgent financial needs by facilitating to receive money from over 700 + island-wide payment locations of People’s Bank.(Branches and Service Centres)

‘People’s eRemittance’ is a web-based product of People’s Bank supported by the latest technology to facilitate sending remittances to Sri Lanka within minutes. The aim is to offer new technology and system automations to ensure a speedy and smooth customer service.

People’s eRemittance enables remitters abroad to send money through Correspondent Agents of People’s Bank. Presently, this service is available through the following Correspondent Agents of People’s Bank.

List of People's eRemittance Agents

People’s eRemittance promotes the use of the internet as a medium of inexpensive, hassle-free data transfer over a secured website. With the user-friendly front-end system coupled with state-of-the-art technology, it reduces remittance receiving/processing time, thereby increasing the efficiency significantly.

Remittances in foreign exchange received from outside Sri Lanka in favor of the account holder through the banking system.

Unutilized foreign currency obtained by the account holder by debiting the Personal Foreign Currency Account for travel purpose as permitted by directions issued by the Central Bank.

Foreign currency brought into Sri Lanka by the account holder upon declaration [i.e., where such foreign currency notes exceeds or equals to USD 15,000 or its equivalent in other foreign currency on a declaration to Customs Department or where such foreign currency notes are less than USD 15,000 or its equivalent in other foreign currency, on an appropriate declaration to the authorized dealer or restricted dealer].

Where the account holder is a resident outside Sri Lanka or a non-national resident in Sri Lanka, transfers from an Inward Investment Account (IIA) of the same account holder.

Transfers from Capital Transactions Rupee Account (CTRA) of the same account holder as permitted by directions issued by the Central Bank.

Transfers from Diplomatic Foreign Currency Accounts (DFAs) of any other person.

Capital, capital gains and other receipts arising from investments made in Sri Lanka in foreign currency, if the original transfer had been made by debiting the Personal Foreign Currency Account (PFCA) [or from the Non-Resident Foreign Currency Account (NRFC), Resident Foreign Currency Account (RFC) or Resident Non-National Foreign Currency Account (RNNFC) of the account holder, prior to this order come into effect].

Capital and capital gains received from foreign investments into an Outward Investment Account (OIA), if the original investment had been made by debiting the Non-Resident Foreign Currency Account (NRFC), Resident Foreign Currency Account (RFC) or Resident Non-National Foreign Currency Account (RNNFC) of the account holder, prior to this order come into effect.

Unutilized balance remaining in the Foreign Travel Card of the same account holder, up to the amount the Foreign Travel Card had been loaded from the Personal Foreign Currency Account (PFCA).

Where the account holder is a non-national employee resident in Sri Lanka, transfers from employers’ Sri Lanka Rupee account as monthly salary, employment benefits and other related benefits.

Where the account holder is a non-national employee resident in Sri Lanka, amounts in Sri Lanka Rupees authorized by the Central Bank for remittance abroad, converted at the rate of exchange obtained on the day of credit.

Transactions or Transfers from any other category of accounts that may be permitted to maintain by the Central Bank from time to time, to the extent such transactions or transfers have been permitted by directions issued by the Central Bank.

Remittances originating outside Sri Lanka from the account holder in terms of section 8(3) of the Act

Transfers to Personal Foreign Currency Accounts or accounts maintained in the Offshore Banking Units, irrespective of the account holder.

Where the account holder is a resident outside Sri Lanka or a non-national resident in Sri Lanka transfers to an Inward Investment Account (IIA) of the same account holder.

Transfer of funds for uploading a Foreign Travel Card.

Transfers in respect of any investment permitted to be made in Sri Lanka in foreign currency utilizing funds in the Personal Foreign Currency Account (PFCA).

Withdrawal in foreign currency notes up to USD 10,000 (or equivalent in any other foreign currency) for travel purpose as permitted by directions issued by the Central Bank.

Where the account holder is a non-national resident outside Sri Lanka who is on temporary visit to Sri Lanka, withdrawals in foreign currency.

Where the account holder is a non-national employee resident in Sri Lanka, transfers to Business Foreign Currency Accounts (BFCAs) of the employer in respect of over payment of salaries and any other payment due to such employer.

Transfers to employers’ Sri Lanka Rupee account in the event of an over payment to a non-national employee resident in Sri Lanka, as per the sub paragraph (k) under the "Permitted Credits".

Payments to residents in foreign exchange in respect of transactions or categories of transactions, to the extent such transactions have been permitted by directions issued by the Central Bank.

Transactions or Transfers to any other category of accounts that may be permitted to maintain by the Central Bank from time to time, to the extent such transactions or transfers have been permitted by directions issued by the Central Bank.

Transfer of funds to a Foreign Currency Loan Account (FCLA) or an LKR Loan Account (LLA) of the account holder.

For more information please visit the nearest branch of People's Bank or contact us